Lundin to focus on exploration

May 7, 2013 at 8:37 AM

STOCKHOLM, Sweden, May 7 (UPI) -- Though gains were made in overall production, Swedish energy company Lundin Petroleum said exploration offshore Norway was its core focus.

Lundin President C. Ashley Heppenstall said about 75 percent of company production comes from Norway.

Heppenstall this week said he was "pleased" that the Luno II discovery offshore Norway could give up as much as 160 million barrels of oil.

Lundin for the first quarter of 2013 posted a 10 percent decline in revenue to $327 million but saw a minor increase in production to 3.2 million barrels of oil equivalent.

Norway is a European leader in terms of oil and natural gas production. Norwegian major Statoil this week said it was concerned that new tax measures could hurt the region's long-term prospects, however.

Nevertheless, Heppenstall said new developments offshore Norway through 2015 will help push production to 70,000 barrels of oil equivalent per day, twice the current rate.

"Despite Lundin Petroleum's increased development and production activities over recent years our key focus remains exploration," he said in a statement.

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